On May 22, 21,000 Bitcoin options and 129,000 Ethereum options expired, with the Bitcoin batch carrying a reported notional value of $1.6 billion, a 0.66 put-call ratio, and a maximum strike price of $78,500. The Ethereum batch showed a 0.92 put-call ratio, a maximum strike price of $2,200, and a reported notional value of $280. Greeks.live said implied volatility declined during the period, while demand remained weak and whale positioning was defensive, pointing to cautious sentiment in the crypto options market around the expiry.